Impact of timber sale characteristics on pine sawtimber prices in non-industrial private forests of southern United States
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This study analyzes how timber sale characteristics influence pine sawtimber prices in non-industrial private forests. Data were collected from Timber Mart-South for a 10 year period for all 11 southern states. Data were analyzed using hedonic pricing method and a quadratic transformation was used for variables SALE SIZE and LENGTH CONTR to fit in the regression equation. Results showed that pine sawtimber prices were low for small acreages and then increased until they reached maximum at 427.2 acres. Pine sawtimber prices were higher for contract periods that were short and where sealed bid auctions were conducted. Sales conducted during the months of April-June generated greater revenue than the other three quarters. Increased competition, high quality timber, excellent market and logging conditions were all positively correlated to pine sawtimber prices.